Magee Goldstein Lasky & Sayers, P.C.

Magee Goldstein Lasky & Sayers, P.C.

EXPERIENCE isn't about looking in the past. It's about learning from the past to help our clients be more successful today.

Firm Overview

Magee Goldstein Lasky & Sayers is recognized locally and nationally as a leader in bankruptcy, insolvency, and immigration law. Our firm also excels in practice areas including litigation, mergers and acquisitions, commercial real estate, securities, tax, and trusts and estate planning.

But MGLS is not resting on our achievements. Today more than ever, our team is agile, creative, and focused. We get results because we listen first. And we're driven to offer our clients truly uncompromising legal counsel.

We are AV rated the highest rating given by Martindale-Hubbell. Only 4% of lawyers have an AV rating and only 40% of all attorneys have a rating. Our peers have recognized us as The Best Lawyers in America, Legal Elite, Virginia Super Lawyers- Corporate Counsel magazine, and Roanoke Valley's Top Lawyers-The Roanoker magazine.

Selected as a Best Law Firm by U.S. News and World Report for 2013
Main Office
Main Office
310 First Street, S.W., Suite 1200
P.O. BOX 404
Roanoke  VA  24003
Phone
  • 540-343-9800
Websites
Bankruptcy
Bankruptcy, Insolvency, Debtor and Creditor Rights
Debtor Representation
Led by Andrew S. Goldstein, the Bankruptcy and Restructuring Group represents debtors, creditors, and trustees in financially-distressed situations. With decades of direct hands-on experience, we understand insolvency issues from all sides of the credit equation. Our team has served as lead counsel for borrowers and lenders in scores of chapter 11 bankruptcy cases. Our debtor client roster includes businesses and individuals engaged in start-ups, high-tech, telecommunications, healthcare, and pharmaceuticals to transportation, manufacturing, distribution, natural resources, and real estate development.

While the legal process often includes the sale of some or all of our clients' assets and a court-approved payment plan to creditors, we are widely recognized for our ability to craft workable reorganization plans that achieve our clients' goals. We have a sustained record of success 98% of our Chapter 11 debtor representations have resulted in confirmed reorganization plans.

We know that a public bankruptcy process is not always right for every business or individual. Therefore, over time, we have developed a niche in out-of-court workouts and restructurings. Our process encourages an open and direct line of communication with creditors and a structured method to help the affected businesses or individuals resolve their financial problems consensually with creditors, or, failing that, liquidate in an orderly process outside of court proceedings. For smaller businesses and special situations, we often resolve their financial issues outside of court without the expense and delay associated with court proceedings.

Creditor Representation
Similarly, we have been able to recover substantial returns when representing creditors and unsecured creditors committees in similar situations. Our creditor client roster includes a number of national, regional, and local banks and credit unions and comprises a large part of our insolvency practice. Creditors rely on us to help them navigate through complicated insolvency and bankruptcy matters to ensure that their interests are properly represented and well protected. Because of our extensive experience in handling both large and small businesses, as well as complex individual consumer and business bankruptcy cases, we have a comprehensive understanding of the rights and remedies of creditors in and out of the insolvency process.

Distress Sales
We have found that, in distress, there is opportunity. We are experienced with the legal and transactional issues that arise in bankruptcy sales. Today, sophisticated debtors, creditors, and investors use the bankruptcy process to buy and sell distressed businesses. The successful seller disposes of assets in an orderly manner under court supervision. The successful purchaser acquires assets free and clear of most liens, claims, interests, and other encumbrances. After the court approves the highest and best bid for the assets, the debtor usually concludes its affairs under a court-approved plan of distribution. The plan provides for the sale proceeds to be paid to creditors, and any proceeds remaining after all debts are paid will be paid to equity holders. The seller takes over the operating assets and the going-concern value of the entity is preserved.

Consumer Debtors
For over 20 years, we have been representing individuals with complex financial problems, both in and out of bankruptcy court. Bankruptcy law allows most individual debtors to discharge their financial obligations. Because of major changes in bankruptcy law recently, it is now more difficult for higher income individual debtors to receive discharges, but we have assisted many high-income debtors through the process and they have received their discharges. Often, however, negotiated voluntary reductions of debt outside of a formal court process can achieve nearly the same result. Such plans however, may have tax consequences involving cancellation of debt income. The tax code does provide a limited safe harbor, however. In some cases, bankruptcy law requires certain debtors with higher incomes to pay their creditors through a court-approved plan over a period of years in an effort to pay some or all of their debts. For lower-income consumer debtors, discharges are generally still available.

Consumer Creditors
We are also thoroughly familiar with the credit side of consumer bankruptcy matters, both in and out of the bankruptcy court. We have handled thousands of cases for consumer creditors who have claims secured by real estate, mobile homes, automobiles, and other property. Whether the situation requires an aggressive approach resulting in repossession of a creditor's collateral, or a negotiated approach resulting in a structured payment plan, our attorneys and staff move quickly and decisively to represent our clients' interests through our streamlined process.

Andrew S. Goldstein

Focus: Mr. Goldstein counsels business and consumer borrowers that have become involved in distressed credit situations, including restructurings, reorganizations, bankruptcy proceedings, and more.

Admitted: Mr. Goldstein is admitted to practice in Connecticut, Maryland, District of Columbia, and Virginia and in the following courts: the United States Bankruptcy Court, the United States District Court - Eastern and Western Districts of Virginia, the United States Court of Appeals for the Fourth Circuit, and the United States Supreme Court.

Expertise: Mr. Goldstein represents individuals and businesses (hotels, restaurants, real estate developers, and shopping centers) in the restructuring and reorganization of their financial and credit situations. He has also represented unsecured creditors committees in chapter 11 bankruptcy cases, helping secure meaningful returns for his clients. Mr. Goldstein also has handled hundreds of chapter 7 bankruptcy cases and served as a chapter 7 panel trustee in the Western District of Virginia since 2003.

Recognition and community: Mr. Goldstein was named among the Legal Elite by Virginia Business magazine, and was elected by his peers as one of the Best Lawyers in America. He frequently shares his knowledge by lecturing on bankruptcy and insolvency matters both in classroom settings and to peer groups. He is currently a member of the Roanoke Bar Association, Virginia State Bar, Virginia Bar Association, Connecticut Bar Association, and the District of Columbia Bar Association.

Education: Mr. Goldstein graduated with a B.S. degree in Commerce from the University of Virginia, McIntyre School of Commerce (1983). He received his Juris Doctor degree from the University of Bridgeport School of Law in 1986, and attended Georgetown University's Master of Laws Tax Program in 1987.

Personal: Mr. Goldstein resides in Salem, Virginia, with his wife and two children.

Recent Honors:

Best Lawyers in America, 2006 present
Virginia's Legal Elite, Virginia Business Magazine, 2005 present
AV rating by Martindale-Hubbell 2014
Education
  • University of Bridgeport School of Law
    Juris Doctorate
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